A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Pari Passu:

This means "each is treated on an equal basis to every other" so in share terms each class of share is treated the same as the other classes.

PAYE:

The way tax is deducted by employers from the salary of workers in the UK on behalf of HM Revenue and Customs. It is an abbreviation of pay-as-you-earn.

Payment Protection Insurance:

An insurance policy that will ensure that payments are made to an outstanding debt if the borrower cannot make the required payments due to illness, unemployment or death.

Personal allowance:

The amount of money an individual can earn without being required to pay income tax. After this allowance, the remaining proportion of income becomes liable to income tax.

Pension:

A retirement income, usually formed in part by regular contributions made by an individual while still in employment, combined with contributions by the Government.

Policy:

A formal document produced by an insurance company outlining all the details of the insurance contract.

Postal Account:

A savings account where transactions, such as withdrawals, are carried out via the post.

Preference shares:

Shares in a company which give their holders an entitlement to a fixed dividend but which do not usually carry voting rights.

Probate:

The legal process of proving a will and distributing a deceased person's estate.